{"id":9722,"date":"2022-10-10T07:00:32","date_gmt":"2022-10-09T23:00:32","guid":{"rendered":"https:\/\/qashier.com\/?p=9722"},"modified":"2023-01-16T18:25:27","modified_gmt":"2023-01-16T10:25:27","slug":"pricing-psychology-strategy-for-small-medium-businesses","status":"publish","type":"post","link":"https:\/\/qashier.com\/blog\/2022\/10\/10\/pricing-psychology-strategy-for-small-medium-businesses\/","title":{"rendered":"Pricing Psychology: Strategy for small-medium businesses"},"content":{"rendered":"\r\n<p><span style=\"font-weight: 400\">\u201cTis the season to be jolly!\u201d Ok, it might be a little early to sound Christmas bells, but whether you celebrate or not, it\u2019s never too early to start planning as a small-medium business. With end-of-year sales coming up, there is plenty of opportunity to tap on the\u00a0fourth financial quarter of the year (Q4).\u00a0<\/span><\/p>\r\n<p><b>Why is the 4th quarter the most important month for retailers?<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">For many business owners, Q4 is usually their busiest and most profitable time. Just look at <\/span><a href=\"https:\/\/s2.q4cdn.com\/299287126\/files\/doc_financials\/2021\/q4\/business_and_financial_update.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Amazon\u2019s posted 2021 Quarter 4 sales<\/span><\/a><span style=\"font-weight: 400\">, for instance. You will notice a 9% jump in Q4 alone! Of course, reasons such as year-end bonuses, Christmas shopping, annual holidays, and seasonal sales such as Cyber Monday and Black Friday in the United States may contribute to this jump. But it\u2019s not just in the United States that these sales make an impact on consumer spending. Even in a small country such as <\/span><a href=\"https:\/\/www.timeout.com\/singapore\/shopping\/black-friday-and-cyber-monday-sales-in-singapore\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Singapore<\/span><\/a><span style=\"font-weight: 400\">, 25 November is usually reserved for Black Friday sales. And of course, there\u2019s also 11.11, China\u2019s \u2018Single Day\u2019 sales which is another reason for retailers and consumers to celebrate!\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Is tapping on such sales the best solution for your business, or does it hurt your brand? In this four-part series, we explore pricing psychology and the impact of sales for small businesses.\u00a0<\/span><\/p>\r\n<p><b>First, what is a pricing strategy?\u00a0<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">When it comes to pricing for small and medium businesses, there are a few things to keep in mind. First, a pricing strategy is how a company sets prices for its products and services. A business may use various methods, depending on what type of business it is and what market they \u00a0operate in. There are many different pricing strategies that businesses can use, including:<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><strong>Cost-Plus Pricing:<\/strong> This strategy involves setting a price based on the cost of manufacturing a product and adding a margin.<\/span><\/li>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><strong>Competition-Based Pricing:<\/strong> This strategy involves comparing your prices with those of competitors to determine where you should set yours.<\/span><\/li>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><strong>Penetration Pricing:<\/strong> This strategy involves lowering prices to attract new customers and increase sales volume. The opposite of this is a high-low pricing strategy in action. This pricing strategy is mostly used by retailers with seasonal products, such as fashion and outdoors stores.\u00a0<\/span><\/li>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\"><strong>Psychological Pricing:<\/strong> This strategy involves using psychological principles such as rounding prices up or down to make them seem more appealing to consumers (i.e., &#8220;rounding up&#8221; $20.99 to $21).<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400\">Psychological pricing taps on the fact that consumers rarely know the raw cost of a product. Instead, they determine if something is a good deal only if they get it for a better price than customarily listed or by comparing it to similar products in the same category. There are <\/span><a href=\"https:\/\/www.shopify.com\/sg\/blog\/psychological-pricing#:~:text=Psychological%20pricing%20is%20a%20strategy,getting%20a%20%E2%80%9Cgood%20deal.%E2%80%9D\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">plenty of psychological techniques<\/span><\/a><span style=\"font-weight: 400\"> businesses can use, but let\u2019s understand some through examples in the section below.\u00a0<\/span><\/p>\r\n<p><b>Examples of businesses which use psychological pricing to optimise sales and how it works<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">Here are a few key examples of how businesses use pricing to optimise year-end sales and how it works.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">1. Charm pricing and odd-even pricing<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">You\u2019ve probably seen <\/span><a href=\"https:\/\/thesmartlocal.com\/read\/value-dollar-shop-singapore\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">value dollar chain store<\/span><\/a><span style=\"font-weight: 400\">s around and browsed through them to buy various household items or snacks. Value dollar chain stores typically have huge red placards proclaiming their prices, with the price ending in a $0.99 number.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">These shops are the simplest example of charm pricing, the easiest psychological pricing method, which removes one cent from the rounded dollar price of an item. So that way, your brain is tricked into thinking something costs less. So $4 becomes $3.99, and the customer sees and remembers the 3, not the 4.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">A similar practice is odd-even pricing. Studies have shown that customers purchase items that end in an odd number (<\/span><a href=\"https:\/\/www.essec.edu\/knowledge\/bba\/how-pricing-strategies-win-you-over-a%20lesson%20in%20branding-by%20-ESSEC%20Business%20School\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">a phenomenon known as\u00a0 \u2018left digit\u2019 bias<\/span><\/a><span style=\"font-weight: 400\">), more so than they did for prices with even numbers. Another <\/span><a href=\"https:\/\/www.acrwebsite.org\/volumes\/6295\/volumes\/v11\/NA-11\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">study <\/span><\/a><span style=\"font-weight: 400\">also showed that even when the odd-priced item increased in price later, a poorer memory for odd prices were noticed, along with a false belief that these items were not more expensive.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">2. Expensive means good<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">This is a psychological pricing tactic that plays on these principles. The first is that a product priced high seems more valuable and, therefore, can attract more buyers. In comparison, a product priced too low can turn off customers, who will perceive it as less valuable.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">This strategy of premium pricing is easily understood through Apple\u2019s pricing strategies. You might have noticed that Apple products have become increasingly more expensive. From an average of SGD$700 for a smartphone (iPhone 6) in 2016, the price of the new iPhone 14 Pro is now almost SGD$2000 in Singapore. Yet, even with news of inflation, <\/span><a href=\"https:\/\/mothership.sg\/2022\/09\/queue-overnight-orchard-iphone-14\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">shoppers still flock to queue for the new iPhone<\/span><\/a><span style=\"font-weight: 400\">. Google the trend, and this repeats yearly. Why is Apple so successful in creating this frenzy for its smartphones? Part of it is due to its marketing strategies and core product features. But a significant factor is also due to its premium pricing strategy.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Consumers equate price with quality, even when the same smartphone demonstrates similar features. A US-based <\/span><a href=\"https:\/\/newrepublic.com\/article\/119613\/higher-food-prices-cause-more-satisfaction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">study <\/span><\/a><span style=\"font-weight: 400\">shows that consumers who paid more for their Italian buffet felt they enjoyed it more. When tested with another group, who paid less for the same buffet, the diners rated their satisfaction lower than those who spent more. Consumers perceive value through how much they pay, thinking they will enjoy more if the price is high. If you\u2019ve noticed the prices of Apple products, you will also realise that the company utilises \u2018odd-even pricing\u2019. An iPhone 14 costs S$1,649, and a Macbook Air costs S$1,699. The prices always end in an odd number and never in an even number.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">3. The way your price appears impacts your consumers\u2019 spending<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">How a price appears and the product can influence your customers&#8217; feelings about it. A business study found that prices of different products are evaluated differently. For example, consumers buy recreational or luxurious products if they have price tags with rounded numbers. For instance, you might notice that the <\/span><a href=\"https:\/\/coldstorage.com.sg\/beers-wines-spirits\/wine\/red-wine\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">wine section often has a zero behind<\/span><\/a><span style=\"font-weight: 400\"> rather than a number. However, for products that consumers use every day, the customers tend to purchase more expensive products. That means a $1.99 calculator will sell better than a $1 calculator. An article by the <\/span><a href=\"https:\/\/www.theatlantic.com\/business\/archive\/2015\/01\/the-psychological-difference-between-1200-and-1167\/384993\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Atlantic<\/span><\/a><span style=\"font-weight: 400\"> cites that this was due to a pricing effect. Round numbers trigger customers\u2019 feelings, whereas irregular prices give customers a reason to pause and compute whether it\u2019s a reasonable price.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Notably, New York Times <\/span><a href=\"https:\/\/www.nytimes.com\/2009\/12\/23\/dining\/23menus.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\"> that even zeros can make customers feel they are paying more. A Cornell University <\/span><a href=\"https:\/\/scholarship.sha.cornell.edu\/chrpubs\/169\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">study <\/span><\/a><span style=\"font-weight: 400\">supports this and even shows diners spend more when restaurants remove the dollar sign from their menus. All these show that crafting a signboard of prices matters when you consider how your customers register your prices and how attractive your product looks compared to the price. So whether you\u2019re a cafe, restaurant, food kiosk, or even a retail business, you need to consider how you display your products.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">If you\u2019re looking for an example of such menu strategies, consider Starbucks. Starbucks is a grandmaster in this area with its carefully crafted beverage menu. Everything, including removing the dollar sign ($) from its menus, and its ever-changing \u2018novelty\u2019 recipes, is psychological pricing techniques <\/span><a href=\"https:\/\/www.businessinsider.com\/sneaky-ways-starbucks-gets-you-to-spend-all-of-your-money-2017-6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">designed to make consumers spend more<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\r\n<p><b>Final tips for small-medium businesses and psychological pricing<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">As Quarter 4 approaches try a mix of the above pricing techniques. Perhaps keep these quick tips in mind when planning your strategy:\u00a0<\/span><\/p>\r\n<ol>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">First, you want to ensure that your price is competitive with the market.\u00a0<\/span><\/li>\r\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Second, you want to ensure that your customers understand how much value they&#8217;re getting for what they pay. They&#8217;ll be more likely to buy from you if they think they&#8217;re getting value for their money.<\/span><\/li>\r\n<\/ol>\r\n<p><span style=\"font-weight: 400\">Thirdly, consider offering promotions and<\/span><a href=\"https:\/\/qashier.com\/blog\/2022\/04\/11\/how-to-run-a-customer-loyalty-program\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> loyalty rewards <\/span><\/a><span style=\"font-weight: 400\">instead of remixing your price strategy. Finally, encourage<\/span><a href=\"https:\/\/qashier.com\/blog\/2022\/08\/24\/3-referral-programs-for-small-businesses-to-run\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> referrals<\/span><\/a><span style=\"font-weight: 400\"> for word-of-mouth advertising. In the long run, this will increase your customer base and place your product or services firmly in the mind of your customers without significantly affecting your prices. <\/span><\/p>\r\n<p><b>Qashier presents an integrated solution to get you ready for Quarter 4<\/b><\/p>\r\n<p><span style=\"font-weight: 400\">Whether you are an F&amp;B business, a retail shop or in the beauty industry, you\u2019ll need a reliable business solution to optimise sales.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Especially with Quarter 4, you\u2019ll want to take advantage of the festive mood to increase your earnings, eliminate excess inventory, and thank your customers by giving them discounts and promotions!<\/span><\/p>\r\n<p><a href=\"https:\/\/qashier.com\/#contact\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Qashier\u2019s smart POS <\/span><\/a><span style=\"font-weight: 400\">presents an integrated solution to meet all kinds of business needs <\/span><span style=\"font-weight: 400\">with multiple digital solutions, including QR code payments, employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, all in one terminal.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Qashier promises a seamless setup within 10 minutes, without any need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you\u2019ll find 7-days-a-week responsive technical support from our friendly Qashier team.<\/span><\/p>\r\n<p><span style=\"font-weight: 400\">Qashier is also affordable, with prices starting from as low as SGD1\/day (in Singapore with a PSG grant), and this includes hardware, software, setup, training and local support.<\/span><\/p>\r\n<p><span style=\"font-size: 16px\"><span style=\"font-weight: 400\">Speak to us to see if Qashier&#8217;s Smart POS can meet your business needs. Find out how Qashier\u2019s Smart POS can meet your business needs. <\/span>Schedule a meeting with us <a href=\"#sign-up-now\">here<\/a>, call us at <a href=\"tel:3165 0155\">(+65) 3165 0155<\/a>, <a href=\"https:\/\/wa.link\/47iwaz\">WhatsApp (+65) 8882 8912<\/a>, or email <a href=\"mailto:hello@qashier.com\">hello@qashier.com<\/a>.<\/span><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>\u201cTis the season to be jolly!\u201d Ok, it might be a little early to sound Christmas bells, but whether you celebrate or not, it\u2019s never too early to start planning as a small-medium business. With end-of-year sales coming up, there is plenty of opportunity to tap on the\u00a0fourth financial quarter of the year (Q4).\u00a0 Why &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/qashier.com\/blog\/2022\/10\/10\/pricing-psychology-strategy-for-small-medium-businesses\/\"> <span class=\"screen-reader-text\">Pricing Psychology: Strategy for small-medium businesses<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":21,"featured_media":9723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[59],"tags":[104,98,99,144,75,119,128,155,156,78,135,73],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pricing Psychology: Strategy for small-medium businesses - Qashier<\/title>\n<meta name=\"description\" content=\"Is tapping on festive sales the best solution for your business? 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